S’pore biotech start-up Mirxes refiles for IPO in HK, eyes growth in China

Firm had planned to go public in late 2023, but delayed listing due to market volatility

- Timothy Goh

Local biotech firm Mirxes has refiled its draft prospectus for an initial public offering (IPO) in Hong Kong as it now weighs a listing within 2024.

The start-up, last valued at US$600 million (S$810 million), is seeking to raise over US$100 million. It planned to go public in late 2023 after its first filing in July 2023 but postponed the IPO due to market volatility.

Mirxes chief executive Zhou Lihan told The Straits Times on May 17: "Hong Kong's capital market experienced significant volatility towards the end of 2023, prompting our board to delay the IPO, recognising it was not the most favourable window." Founded in 2014 as a spin-off from Singapore's Agency for Science, Technology and Research (A*Star), Mirxes focuses on microRNA-based cancer detection.

Its flagship product, GastroClear, is the world's first molecular blood test approved for early detection of gastric cancer in high-risk populations.

Dr Zhou said the firm is focused on the Asia-Pacific region, with China and South-east Asia as key near-term markets, and the United States and Japan as long-term growth drivers.

He added that China is set to be a significant market for Mirxes, with